Estate Planning Blended Families Australia

When it comes to estate planning for a blended family the concept of yours mine and ours can complicate the process to the point that family dynamics become permanently strained.

Estate planning blended families australia.

Identifying your goals and concerns in estate planning for blended families. Mike and carol brady were the iconic blended family each bringing 3 children into the marriage and raising them as one big happy family. Estate planning for blended families is a form of asset protection. What many australians do not understand is that assets held in trust cannot be dealt with by a will and do not form part of a deceased estate.

Estate planning for blended family wills can be a difficult task for clients entering their second or third marriage particularly when both parties bring children from a prior marriage. Barnes richard e. In these situations the objectives of planning an estate include providing for the surviving spouse in the second marriage providing for children of the second marriage and ensuring that assets flow to children of the first marriage. As a funeral celebrant robyn o connell 61 is constantly reminded that death can come at any time.

I wonder what their estate planning looked like. Balancing your planning for spouses children and stepchildren in estate planning for blended families. Premarital and marital agreements. In estate planning for blended families.

Assume two spouses are in a second marriage and each have children from a prior marriage. These agreements should address. Barnes richard e. For estate planners dealing with the control of a trust in the event of death is compounded by issues faced by blended families with competing interests.

Unfortunately if proper planning is not undertaken what often occurs in the blended family context is that one branch of the family receives the entire estate and the other branch of the family receives nothing. Her funeral is all planned but when it comes to wills she and her second husband david 56 have writer s block. These are a few common scenarios.